State Sen. Raymond G. Lesniak and five other directors of an Elizabeth bank that collapsed last year borrowed more than $2 million in mortgages and commercial loans from the thrift, records show.
Some of those loans came after First BankAmericano was put under a July 2007 federal order to stop what authorities described as unsound banking and loan practices.
In a report filed before it collapsed in July 2009, the bank listed $11.4 million in "insider loans," a term used by regulators to track financing for bank employees, officers and key shareholders.
Eight former board members, including Lesniak and several others who got mortgage money from the bank, have also been political contributors to U.S. Sen. Bob Menendez, giving more than $50,000 since 1993, according to campaign-finance data.